The company intends to use the fresh funds to accelerate the development of its prototype facility at CSIRO in Clayton, Victoria, and immediately commence procurement of the needed long lead-time capital equipment.

“The investment will allow us to expedite our scale-up and commercialisation plans and move forward with great financial confidence,” said managing director Richard Caldwell. He added that the company looks forward to announcing emerging international business relationships as the year unfolds.

Greatcell anticipates to get the investment early next month in exchange for the issuance of 18.2 million shares. It noted that the particular fund has indicated its desire to maintain its percentage shareholding and possibly even increase it over time.